Common use of Labor and Materials Payment Bond Clause in Contracts

Labor and Materials Payment Bond. Contractor shall also submit a bond on the form provided with the Contract Documents, which in all respects complies with Civil Code sections 9550-9566, inclusive. This bond, hereinafter referred to as a “Payment Bond,” shall be in a sum no less than one hundred percent (100%) of the GMP (including the Construction Contingency), as set forth in Exhibit A to the Facilities Lease.

Labor and Materials Payment Bond. Contractor shall also submit a bond on the form provided with the Contract Documents, which in all respects complies with Civil Code sections Sections 9550-9566, inclusive, and as shown in the General Construction Provisions, Part I of the Project Manual (Exhibit B to this Facilities Lease). This bond, hereinafter referred to as a “Payment Bond,” shall be in a sum no less than one hundred percent (100%) of the GMP (including Guaranteed Maximum Price, plus the Construction Contingency), as set forth in Exhibit A to the Facilities Lease.